The Central Bank of Brazil (BCB) has granted Paysafe (NYSE: PSFE), a global payments platform, a payment institution (PI) license to begin its regulated online sports betting and gaming industry in the nation.
With the license, Paysafe may help Brazilian merchants in a variety of different industries with eCommerce payments and extend its payment agreements with iGaming operators into the most populous country in Latin America.
Paysafe, which recently became a member of the Brazilian Association of Fintechs (ABFintechs), is able to expand its significant presence in the regulated Latin American iGaming market thanks to the PI license.
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Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico, and, most recently, Peru, whose new regulated market went online in early 2024, are among the more than 90 regulated international iGaming countries where Paysafe is now present.
Brazil is predicted to surpass all other Latin American countries in size by 2028, with 212 million inhabitants and an estimated $34 billion in sports betting revenue. Paysafe is well-positioned to support the market’s potential for development.
Paysafe is able to expand its existing relationships with top international operators into Brazil and provides a range of payment options to accommodate the various payment preferences of Brazilians.
The most well-known digital wallets created especially for iGaming, Skrill and NETELLER, as well as a variety of other alternative payment methods (APMs) through Paysafe’s SafetyPay payment gateway, including instant bank transfers through BCB’s Pix payment system, are available to Brazilian operators who partner with Paysafe.
With its suite of APMs, Paysafe’s PI license enables the firm to service Brazilian eCommerce, travel, and entertainment merchants in addition to online sports betting and iGaming.
Rob Gatto, Chief Revenue Officer at Paysafe, stated, “With this expansion, Paysafe is poised to better serve the Brazilian market with payment solutions, including the regulated Brazilian iGaming market. This will mark a new era for not only Latin American gaming but also the global space, with the country becoming the third largest betting jurisdiction on earth.”
“With our new payment institution license, we are excited to apply our extensive payments, regulatory, and compliance experience in this significant new market to support the expansion of Brazilian operators with our payment solutions. This will also enable us to expedite online transactions for regional travel and entertainment merchants.”
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